Petro Matad Regulatory News (MATD)

5 February 2025

Petro Matad Limited

("Petro Matad" or the "Company")

Certification of Block XX Exploitation Area as State Special Purpose Land

Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, confirms that after completion of the certification process, the Block XX Exploitation Area which contains the Company's producing Heron oilfield, has been confirmed as State Special Purpose Land. This is the first oil exploration and production area in Mongolia to have been given this status.

The Minister of Industry and Mineral Resources recently secured the signature from the Provincial Governor on the Tripartite Agreement, the absence of which had been holding up the process, and the certificate has now been issued by the Central Land Agency. Under the Land Law, as State Special Purpose land, it will be the responsibility of the Ministry of Industry and Mineral Resources to secure the land access for all areas within the Block XX Exploitation Area required for operations.

Mike Buck, CEO of Petro Matad, said:

"We are very grateful to the Minister for his decisive action. Whilst we were able to get approvals for land use at the district level in 2024 and recently also for 2025, the newly confirmed categorisation of Block XX will streamline the land use process in future. We have fought hard to secure this result and we are pleased that the process is complete and the State Special Purpose certification is now in place".

Further updates will be provided in due course.

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About Petro Matad

Petro Matad is the parent company of a group focused on oil exploration, development and production in Mongolia. Currently, Petro Matad holds a 100% working interest and the operatorship of the Matad Block XX Production Sharing Contract with the government of Mongolia. Block XX has an area of 214 square kilometres in the far eastern part of the country. The Company also holds a 100% working interest and operatorship of the Borzon Block VII Production Sharing Contract with an area of 41,141 square kilometres in southern central Mongolia. 

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.